Quantafuel

Capital/Financing Update • Oct 18, 2023

Quantafuel AS | Amendments to accelerate conversion right under Viridor Term Loan Agreement

Quantafuel AS | Amendments to accelerate conversion right under Viridor Term Loan Agreement

Oslo, 18 October 2023: Reference is made to the announcement on 30 March 2023 regarding the term loan facility (the "Facility") entered into between Quantafuel AS ("Quantafuel" or the "Company") as borrower and Planets UK Bidco Limited, an affiliate of Viridor Limited, as lender (the "Lender"). Further reference is made to the announcement on 7 July 2023 regarding the increase of the Facility from NOK 250 million to NOK 1 billion and the extension of the termination date of the Facility.

Under the Facility, each of the Lender and Quantafuel (with the Lender's prior written consent) has the right to elect that the repayment of the Facility shall be settled by the issuance of new shares in Quantafuel ( the "Conversion") on 30 September 2024 (the "Termination Date") (the "Conversion Right"). The price per new share i for the Conversion shall be the lower of NOK 6.38 (equal to the price per share in the public offer by Viridor) and the volume weighted average trading price of the Quantafuel share 3 trading days to prior exercise of the Conversion Right.

Quantafuel and the Lender have today entered into an amendment letter to the Facility pursuant to which inter alia the Conversion Right may be exercised in full or in part at any time on or prior to the Termination Date. The amendments will facilitate for a more optimized capital structure with lower debt ratio, including in connection with securing financing for project development in line with the Company's business strategy, from which the Company will benefit commercially.

For further queries, please contact:

Terje Ulla Eiken, CEO +47 41655493

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About Quantafuel | https://quantafuel.com

Quantafuel is a technology-based energy company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Astrid Mannion-Gibson, Head of Communications at Quantafuel, on 18 October 2023 at 21:26 CEST.